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RBZ Scraps Charges For Electronic Transactions Under US$10

7 months agoSat, 31 Aug 2024 06:26:53 GMT
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RBZ Scraps Charges For Electronic Transactions Under US$10

The Reserve Bank of Zimbabwe (RBZ) has scrapped charges for electronic cash transactions under US$10 or the equivalent in Zimbabwe Gold (ZiG) to promote digital transactions across the country.

In his 2024 Mid-Term Monetary Policy Statement on Friday, 30 August, RBZ Governor John Mushayavanhu announced that this measure will take effect on 01 September 2024. He said:

To further promote the use of electronic means of payment, the Reserve Bank is, with effect from September 1, 2024, exempting electronic transactions of less than US$10 or the ZiG equivalent from bank charges.

This measure will remove the cost of using electronic means of payments by making such transactions a near-cash characteristic, consistent with the Reserve Bank’s drive towards digital cash.

This decision comes amid a cash crisis in the country, stemming from a shortage of ZiG coins and notes since the new currency was introduced in April this year.

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Mushayavanhu said the central bank intends to increase the circulation of lower ZiG denominations to alleviate the situation. He said:

To ensure increased circulation of ZiG in the economy the following measures will be undertaken: to increase the injection of cash in line with demand while preserving the ongoing initiatives to entrench the country’s cash-lite economy; to continue to inject more small ZiG denominations into the economy to ease the problem of change and eliminate the rounding up of prices by businesses.

Mushayavanhu also said the central bank is committed to enhancing the distribution and circulation of ZiG by expanding Homelink outlets in rural areas.

More: Pindula News

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25 Comments

chimbwido · 7 months ago
kuSurvivor dzangowe nharo,zvinhu hazvisi kufamba izvi!
Sorry · 7 months ago
It's so sad to hear the passing away of the young cde Chatunga, just a few years his father was killed by his successor. I thought that emmerson could give him a political post shame, did his driver the Chinese died also? May be the state will give a funeral assistance. MHSRIP
Patz · 7 months ago
Spreading lies. kusungwa kufa here
Sorry · 7 months ago
It's a sad news to hear the passing away of the yoi
Patz · 7 months ago
Ndikaenda kwaSpar ndotenga zve USD10.Ndonobhadhara A/C kwa Edgars USD10. Ndoenda kwaTM kunotenga neUSD 10. Ndoenda kwa OK kunotenga ne USD10. Ndoenda kaTopics ne USD 10. The question is how many swipes of USD10 are allowed per person per day. If they are unlimited it means if I want to buy groceries for USD 50 I will buy in batches of USD 10 since I loose nothing by doing so but benefit not paying charges
hoy · 7 months ago
highly support that its hard to pay somethings online special on Google without adding $2for something that cost $3
🏃‍♀️ Chi baby Che Zanu 🌊 · 7 months ago
Thank you listening government
Zero rated. · 7 months ago
good question @Bonga Hwenje, Gold-backed Zig rate mukumbotarisawo here kuti ikukwira sei .. ku**** neGold kana 1 here kuRBZ uku .
makunun'unu · 7 months ago
Vanhu ava zvavataura zvakati womei,Ndiri ndinenge ndiri panguva yakaoma yekurwarirwa for example:Ndine Zig apa hospital iri kuti hatina mishonga but option iripo kutenga mishonga,Now kuPhamarcy hakudiwi Zig ndodiiwo munhu ofa nekuti imi hamusi kuda transaction iri over than US10.Ndinototsvaga munhu ane cash pakuti ndisiye hama yangu ichifa ini ndisina cash ndinoita transaction, Mushayavanhu fungawo mudhara kwete kungotaura usina kuona both sides nechimiro chiri munyika yako apa iwewe unokwira ndege neUS remahara raunongoita transaction isina tracing ikoko kudura so pliz musatirwadzisawo zvipatara zvenyu dzangova zvirugu zvenguruve so this is the important issue to you.There are some areas which need US like Education, Exams, Medical, almost everything.Garai pasi zvakare Comrade
Faraii. · 7 months ago
Hazvisirizvo zvataurwa. Pamunositenga mishonga iyi nemari yeEcocash or bank card varikubata imwe mari pamosoro peyakatarwa pamushonga iyi, avanoti maBank charges. Zvavakureva zvino kuti Mukatenga imi mishonga, nyangwe chikafu chiri pasi pe $10 Hauchabatiri imwe mari pamusoro, zvakureva izvo kuti mishonga iripasi pe$10 hai batwe imwe mari pamusoro, asi mari yenyu ikangodarika pa $10 makungoramba muchibatirwa semazuva ese hapana chinochinja. Mushonga kama kubhadharwa hakunakundi kukapfuura $10 hakuchatenderwe, kwete, munokwanisa kushandisa mari yenyu.
Patz · 7 months ago
Ndosaka kuchikoro taibvunzwa ma comprehension question. Makunun'unu hapana chaanzwa.
laugh emoji1
hoover · 7 months ago
kuzotovanzwawo hoko padehwe reshindi
CIO · 7 months ago
tikati garei garei tombaratidzana gold riya for backup ye zig power
... · 7 months ago
Gold hakuna bhururu rakaenda ku Dubai na Rushaya rimwe na Scott, rimwe na Mimi wa Jenerari
😂 · 7 months ago
ndozvandisingadi izvzvooo, maakundibhowa
Pasi Pamera Ziso · 7 months ago
I advised the learned governor to scrap the use of cash US dollars and promote swipe only policy for the greenback, by now our ZiG would have stabilised.
Grade Zero · 7 months ago
How
voice of the voiceless · 7 months ago
You introduced a currency which you don't want people to get access to...shandisai mega horaiti. it's time ma journalists ambouya pa comment section yepano sezvaanoita ku x uko.
Muzunghula · 7 months ago
how many transactions allowed per day under $10 coz isu vemushikashika tetakutotenga ne$100,,,,,10times to evade charges
44yrs · 7 months ago
Haunyepe
Anonymous · 7 months ago
Thats the fine print. It will be one transaction under $10. Then every other transaction will be charge, at most likely, a higher rate.
CIO · 7 months ago
one thing about Zimbabweans is that we are surviving

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